Egypt Discovers New Oil Fields
Posted on: Saturday, 2 July 2005, 12:00 CDT
Egypt said Saturday it discovered three new oil fields near the Gulf of Suez with a total reserve of 70 million barrels of crude.
Oil Minister Sameh Fahmi said in a statement the new discoveries were the first in 40 years in the area, lying less than a mile (2 kilometers) from the western shores of the Gulf of Suez, 80 miles (130 kilometers) northeast of Cairo.
He added the first oil well contained about 30 million barrels, the second 25 million and the third contained 15 million barrels of crude oil.
Last week, Fahmi said Egypt might sell $7 billion worth of oil and natural gas this year if prices continued to soar above $50 per barrel.
Oil sales make up one-third of Egypt's foreign revenues.
Source: United Press International
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